THE Manchester City Football Group is now valued at around £2bn after the club’s owners announced a multi-million pound deal with Chinese investors.

A consortium of Chinese businesses have invested £265m to take a 13 per cent share in the City Football Group which is owned by Abu Dhabi billionaire Sheikh Mansour.

Apart from Premier League leaders City, the CFG owns MLS club New York City and Australian team Melbourne Heart and has a minority stake in Japanese club Yokohama F. Marinos. Now they look set to add a Chinese club to their portfolio.

The deal follows a visit to Manchester last month by the President of China, Xi Jinping.

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CMC chairman Ruigang Li will sit on the City Football Group board, which will now include seven members.

He said: "Football is now at a fascinating and critical stage of development in China. We see unprecedented growth opportunities in both its development as an industry, being China's most watched sport, and its inspirational role bringing people of all ages together with a shared passion.”